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TThe Board of Trustees of the Teacher Retirement System (TRS) approved the purchase of a new headquarters in the Mueller Business District in Austin on September 17, pending final negotiations.
TRS, which manages a nearly $ 200 billion retirement fund, estimates the move could save up to $ 15 million over the next 20 years by abandoning the downtown Austin rented space and making costly renovations to the existing 47-year-olds will avoid headquarters on the Red River.
The agency currently has a two-year extension lease at 816 Congress Avenue, which has housed the Investment Management Division (IMD) since 2009. The lease is $ 5 million per year and the rental cost is projected to increase to $ 7 million annually.
With the sale of the new Indeed Tower in downtown Austin in June, TRS has no further rental obligations.
It is estimated that the purchase of two buildings named Alpha and Bravo, totaling 450,000 square feet of office space, will cost between $ 250 million and $ 300 million for TRS between $ 80 million and $ 100 million.
According to a schedule presented to the board of directors, the agency will launch the Red River campus in late 2021 or early 2022, begin construction of the Bravo building in winter 2022, begin moving selected departments to the Alpha building in spring 2023, and relocate the rest of the operations to the Bravo building in 2024.
This story was originally published by Strategic Partnerships.
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